Trade and current-account deficit for July was show in the report by National Bank of Ukraine. The current-account gap of USD 574 M was more than double June's and July 2010's, while merchandise imports surpassed exports by USD778 million, the largest trade shortfall since the first quarter. Such a high trade gap is unusual for the summer period, because the harvest season usually boosts agricultural products' exports and total export values while energy imports are low.

That failed to occur at least in July as agricultural exports, despite a very low base level due to last year's dismal summer harvest, even dropped 1.6% year-on-year (y/y), following a 72% y/y surge in June. The central bank noted that an aggressive price strategy from Russian producers had crowded Ukrainian grain exporters out of the market.

UAIndex